11th Apr 2016 08:09
LONDON (Alliance News) - Ocean Wilsons Holdings Ltd, the Bermuda-based investment company which operates a maritime services company in Brazil, on Monday said its main operating business reported a 5.2% increase in first-quarter volumes.
Wilson Sons Ltd, reporting to the Brazilian and Luxembourg Stock Exchanges, said total volumes amounted to 237.5 million twenty-foot equivalent units.
"Wilson Sons, the operating company within the group, has reported operational data for its container terminals, towage and offshore vessels businesses, for the first quarter. This is in-line with our expectations," analysts at Cantor Fitzgerald said in a note.
"Container handling was stronger, helped by healthy export shipments. Towage and Offshore Vessels activity was weaker reflecting challenging market conditions. The outlook for Brazil is uncertain and the economy is forecast to remain weak. That said, Ocean offers exposure to efficiently-run and strategically well-positioned maritime & logistics assets for when the economy recovers," the Cantor Fitzgerald analysts said.
Cantor Fitzgerald maintained a Buy rating and target price of 1,300 pence on the stock.
Shares in Ocean Wilsons Holdings were untraded on Monday morning in London at 727.00p.
By Samuel Agini; [email protected]; @samuelagini
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